Birla Mutual Fund has launched a Fixed Maturity Plan, an open-ended income scheme. The scheme opened for initial subscription on October 11, 2001 and closed on October 12, 2001. Minimum subscription is Rs. 1,00,000 and in multiples of Rs. 10,000 thereafter.
The scheme aims to generate income through investments in debt and money instruments including derivatives. It is a quarterly plan with a maturity of 94 days from the close of subscription. Shortly, it will be launching the Half-Yearly, 1-Year and 3-Year plans. There is no entry load but has an exit load of 1per cent.
Prudential ICICI Mutual is launching a Short Term Plan. An open-ended debt fund, it will be positioned between cash and debt funds and aims at an average maturity of 9-12 months. It will be open for subscription on October 18 and 19, 2001.
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The fund will invest 75 per cent in Corporate / PSU bonds and 20 per cent in Government Securities and Commercial Papers. There is no entry load but but would charge an exit load of 0.25 per cent if redeemed within one month. The fund is suitable for investors looking for an investment horizon of 1 to 3 months.
PNB Mutual Fund has revised the load structure in the PNB Debt Fund, with effect from October 10, 2001. The fund would charge no entry load but an exit load of 0.5 per cent if withdrawn within 6 months for applications of Rs. 25 lakhs and below.
DSP Merrill Lynch Mutual Fund has proposed some changes in its DSP Merrill Lynch G-Sec Fund with effect from October 9, 2001. Plan A has been renamed as